Oliver Hartwich: NZ Initiative Director on the GDP falling by 0.3% in the September Quarter

An economist says we're in an economy that's significantly smaller than estimated.   GDP fell 0.3% in the three months to September.   The June quarter's figures showed 0.5% growth, revised from 0.9%.  NZ Initiative director Oliver Hartwich told Mike Hosking that it means we're in a technical recession, but the revision's more shocking.   He says all together, the effect was the economy is now 1.8% of GDP smaller than the Reserve Bank last thought when they set the Official Cash Rate.  LISTEN ABOVE See omnystudio.com/listener for privacy information.